Richard Wolff on Trump and the FED

Mr. Trump is running for re-election
(just as he has been doing since the day he was first elected) and having to say
that the economy is great. Well, it isn’t because it’s a capitalist economy about
to have a nasty recession and usually when you have had a recession postponed
the postponement makes it worse. You know, like having an illness that you don’t
attend to gets worse if you don’t attend to it.
Well, capitalism has a lot of parallels with illnesses. So Mr. Trump goes around
saying it’s wonderful but the reality is, as his economic advisors know, that a
recession is coming. This scares Mr. Trump. It threatens his reelection
because if that downturn we all know is coming (because of capitalism) if that
downturn hits in 2019 or even if it hits in the first part of 2020 it’s going to
hurt millions of Americans (they always do, these downturns) and those people are
not gonna be happy with Mr. Trump. And whoever runs against him will say “Hey
Mr. Trump, it’s the economy, stupid” like earlier candidates have done in the same
situation. So what is Mr. Trump doing? Well, he’s trying to blame the economic
troubles on somebody else. And he’s a specialist, just like Mr. Johnson is in
England. He blames, you guessed it, immigrants. Why not? And foreigners. Why
not? The Chinese, you see, have been cheating
us, and the Mexicans and the Canadians and the Europeans. Gee, the whole world
has just been taking it out on the good old victim, United States. It’s a picture
no other part of the world recognizes but it sells in the US, or at least Mr.
Trump hopes so. So he’s gonna blame them but that’s not enough because this is a
doozy that’s coming. So he’s decided to blame the Federal Reserve.
You see, they should cut interest rates. By yelling about the Federal Reserve
he’s already showing where the blame (he hopes) will go for the economic troubles.
Not to him, not to his policy, not to his carrying out what capitalism wants while
blaming immigrants and foreigners. No, no. He can now also blame the Federal
Reserve. It didn’t cut interest rates. And the second reason he wants that to
happen is if you cut interest rates you make it cheaper for people to borrow.
Maybe, he hopes, he crosses his fingers (or whatever it is that he crosses) and he
hopes that maybe with lower interest rates people will borrow more. Businesses
will borrow more and maybe the economy, the downturn, will be delayed a few
months, just long enough to get him to slide back into office in November of
2020. That’s what’s going on. Capitalism is, in fact, in trouble in the United
States as the extreme inequality makes evident every day. As the turmoil,
everything from opioid crisis to mass shootings, gives you ample evidence. What
is being done? Well, in the US, as in the UK, next to nothing. Instead we engage in
denial, blaming scapegoats wherever we can find
them: immigrants, foreign trading partners, the Federal Reserve, anything but the
system because Mr. Trump, like Mr. Johnson, are loyal servants of the status
quo. Don’t blame the system. Don’t change the system. That’s the iron rule
governing them. You can say whatever you want as long as you protect what puts
you in office and what keeps you in office. That’s the harsh reality. But the
irony of it all is that the capitalism they’re protecting keeps deteriorating
because they’re not facing what the problems are and what the changes needed
to fix it are all about. And that can only go so far.

  1. Hong Kong must be the most democratic country in the world. The protesters would certainly be in prison if they had tried their methods of blocking airports , railways, and roads in western countries such as USA, England, etc …

  2. As an applied linguist, I admire your capacity to retain a polite register of language when talking about the POTUS. And I agree with your implication of not referring to him as 'President Trump'. I have a hard time even calling him Mr.

    To paraphrase a quote attributed to Mark Twain … 'History might not repeat itself, but is sure the hell rhymes.' …

  3. Australia is just as right wing fiscally and hasn't had a recession in 30 years or something.

    Maybe you don't want to keep assuming a recession has to come soon.

  4. Wht this bolshevik professor is not telling, that recession are man made, the Fed doesn't know what the interest level should be. But , I'm happy that people of Cuba and North Korea , never ever must worry about recession , since they don't have capitalist system.

  5. 7 billion of the peculiar, naked-ape species, maintaining 450 atomic boilers with a fossil-fueled civilization, what could possibly go wrong?

  6. I usually admire and learn things from you but I disagree with you here. you are putting all this at trumps door. while the fed is who has manipulated this economy since 1913. they caused the great depression. and yes China has played this country.

  7. When I tell that to greedy people, they think it’s crazy talk. Then I have to explain it in business terms and how it’s about to collapse on itself then they start to get the big picture. Weird, our busted, corrupt and broken system is so obvious but I guess the rich people are blind to it or something.

  8. Professor Wolff makes a lot of sense on the US economy. The problem for the "stable genius" is in the absence of real policy action you can only talk-up and use smoke and mirrors on the economy for so long before it goes into recession. He's running out of smoke and mirrors!

  9. I just listened to a video on YouTube that indicates that there could be Funding Problems for Wall
    Street today…or soon. Perhaps these Capitalists will instigate emergency QE to save the day! Let's watch to see how this day unfolds.

  10. If capitalism is illness then socialism and communism are death. One Soviet protester near the end summed it up with one sign in English that said "74 years of going nowhere."

    The federal Reserve Bank is a consortium of the wealthiest banks in the world. It backs the US dollar 100 percent. When the US needs money it's right there. It will buy US Treasury debt in any amount needed when needed. Our money is Federal Reserve Notes. Being backed by the Federal Reserve Bank is far better than being backed by gold.

  11. Most sensible people know that Trump lied himself to the Whitehouse. Do we expect him to tell the truth to The American People now?

  12. Usually I agree but not this time. The fed is indeed part of the problem and has been ever since they took over control of our monetary system. You are a highly educated man and must realize this. I would love for you to do a show explaining the federal reserve. That being said ,Trumps policies are not helping matters but we can't disregard the fed as part of the problem.

  13. Actually, this time Trump is telling the TRUTH, and respectfully imho, you are wrong Dr. Wolff. The FEDS (zionistss and bankers) are GUILTY for the entire state of the current US capitalist economy. Btw Trump would not be president if he is not one of their bought politicians.

  14. NY Fire Commissioners demand NEW INVESTIGATION into 9/11, claiming buildings were brought down by CONTROLLED DEMOLITION. The 4-years study by the University of Alaska at Fairbanks concludes that the towers were brought down by controlled demolition. The U.S. Attorney for the Southern District approved a truly independent GRAND JURY INVESTIGATION into 9/11 with the FULL POWER TO PROSECUTE and bring people to justice. This is IMPORTANT TO REPORT…the silence on it is deafening. PLEASE REPORT THESE DEVELOPMENTS AS A PUBLIC SERVICE.

  15. Yeah, the capitalist system is pretty bad, but it has produced the highest standard of living for the most people in all of the history of the world!

  16. Today's immigrants may be pawns in the game , but most selfishly don't care what they are doing.
    They only care for the an illusion that a betterment of themselves will create happiness.
    Selfishness or empty conceit is often expressed by building up oneself while tearing down someone else. It is one of the “works of the flesh” according to Galatians 5:20. It leads to “disorder and every evil practice” (James 3:16). Selfishness caused the children of Israel to “willfully put God to the test by demanding the food they craved” (Psalm 78:18). Selfishness caused the rich young ruler to turn his back on Jesus (Matthew 19:21-22). Selfishness ruins friendships (Proverbs 18:1), hinders prayer (James 4:3), and is the product of earthly wisdom (James 3:13-14).

  17. An organization I work with on economic reform issues, Prosper Australia, has recently held the 128th Annual Henry George Commemorative Dinner on the 4th of September. The keynote speaker was economics professor Frank Stilwell. His address ("Land, Labour & Capital) covered the evolving character of economic thought and the contributions made by Henry George, observing that when it comes to how wealth is ultimately distributed this is a political matter.
    Even if you are a firm adherent to socialist doctrine, Professor Stilwell's address and the discussion that occurred thereafter is quite thought-provoking and worth the time to watch and listen.

  18. Trump will just blame China & the Mexicans, then go blow up Iran so the war machine can keep making it's money. He hasn't a fucking clue how an economy works, trouble is, neither do most of his knuckle dragging moronic followers.

  19. This guy just blamed gun violence on capitalism? Hahaha. Years from now we'll be laughing at this socialist quackery just as we laugh at libertarians now.

  20. Thank God when I first watched this video, the only three comments where from snarky nazi's and I just sighed, Richard D Wolff is amazing

  21. Trump isn't spending too much money, he is spending too little. We have a terrible underutilization problem in our economy. we need to start printing about 4 trillion dollars per year so resources can be brought back online and Americans can go back to work.

  22. Mr. Snake Oil Salesman aka Wolff has achieved excellence at snake oil peddling.
    But his opinions, on the other hand, on everything else working or broke, big or small are deemed worthless even to those poor electrons in rotation.

    And Trump will win his second term.

  23. I follow Richard and Noam Chomsky , Jimmy Dore to name a few.
    Im wondering as someone who believes in socialism how do i making an living and get by in this captailist system?

  24. What we really need are PUBLIC BANKS not PRIVATE BANKS! This way, the government will NEVER need to BORROW the money because it will be in charge of printing it itself (and hence no interest to be paid to anyone other than the PUBLIC which is US). Anything can be privatized EXCEPT money printing. All the profits of the banks need to go to the PUBLIC not just a few private shareholders. The FED must be nationalized.

  25. I've emailed John Quiñones about this. The only man left in the world with any integrity should be able to pull us out of this mess. He'd make a great FED ombudsman. Always watching.

  26. America's greatest natural resource and largest export is….. gaslighting. We are so screwed when "he" gets reappointed for another 4.

  27. We all know it’s (recession) coming……..well, sooner or later, he’ll be correct, I guess. This guy is an leftist idiot.

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